Statistics Canada reports the annual rate of inflation in Alberta was 3.4 per cent in January, higher than the national average. (Photo: Paulbradyphoto | Dreamstime.com)

By David Opinko

Alberta had highest inflation in January as electricity prices more than double

Feb 20, 2024 | 11:20 AM

While the general growth in prices slowed in January 2024, Canadians, and in particular, Albertans, continue to feel the pitch.

Statistics Canada released its report on the Consumer Price Index on February 20, 2024.

Nationally, the annual inflation rate fell to 2.9 per cent in January, down from 3.4 per cent in December.

The biggest factors helping to ease inflation nationally were natural gas, which was down by 16.4 per cent over the last year, as well as telephone services, which dropped by 11.9 per cent.

Although grocery prices rose in cost by an annual rate of 3.4 per cent, it is still down from 4.7 per cent the month prior.

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On the other hand, mortgage interest costs were up by 27.4 per cent, electricity costs grew by 11.1 per cent, and food purchased from restaurants increased by 7.9 per cent.

Alberta had the biggest jump in inflation out of all provinces and territories last month at 3.4 per cent.

Stats Canada noted that electricity prices more than doubled in Alberta, going up by 119.9 per cent from January 2023 to January 2024. Nationally, however, electricity only went up by 11.1 per cent.

Minister of Affordability and Utilities Nathan Neudorf responded to an inquiry by Pattison Media about the rising electricity costs in Alberta with the following statement:

“While Alberta’s inflation rate increased in January, we still expect inflation to slow this year. Minister Horner will provide an updated forecast with Budget 2024,” said Neudorf.

He continued, “We are working to provide stronger price protections to help Albertans. This includes reviewing all aspects of Alberta’s electricity system, looking for long-term solutions to help lower Albertan’s utility bills.”

Inflation in Calgary was up by 4.1 per cent in January but just three per cent in Edmonton. The agency did not provide any numbers on inflation for other communities in Alberta.

The full report on the Consumer Price Index can be read on the Statistics Canada website.

READ MORE: ‘Very pleasant surprise’: Canada’s inflation rate tumbled to 2.9 per cent in January

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